The House of Representatives is set to investigate the $460 million Chinese loan used to finance the Abuja Closed-Circuit Television (CCTV) project, aimed at boosting security in the nation’s capital.
This decision follows a motion by Hon. Amobi Ogah, representing Abia State, highlighting concerns over the project’s effectiveness despite the significant investment.
The project, initiated by former President Goodluck Jonathan’s administration, aimed to monitor and prevent crimes in Abuja.
He noted that in order to firm up the above, erstwhile Finance Minister, Dr Olusegun Aganga, led a Federal Government delegation to Beijing, China, in 2010 to sign a Memorandum of Understanding with ZTE Communications of China to which the contract for the installation of the CCTV was equally awarded.
Ogah expressed concern that the funds for the contract were secured through a $460m loan obtained from the China-EXIM Bank and lifted from a $600m financing portfolio secured as a soft credit loan, with interest repayable in 10 years, after an initial 10 years of grace.
“More concerned that despite this huge investment as well as the financial burden Nigeria is subjected to by way of servicing the loan, the impact of the CCTV is not felt in any manner. Rather than abating, crime rate has soared in Abuja leading to daily reports of deaths arising from unmonitored crimes around the Federal Capital”
